Overview:

• Bitcoin spot ETFs saw $483.76 million in net outflows, led by BlackRock’s IBIT, which recorded $440.29 million in withdrawals

• Solana’s weekly DEX volume fell nearly 82%, dropping from about $104.3 billion in the week of May 11 to roughly $18.8 billion by May 25

• IREN secured a $3.65 billion financing facility to accelerate its Microsoft AI buildout

The crypto market today saw major developments as Bitcoin spot ETFs saw $483.76 million in outflows, while Solana's weekly DEX volume dropped by 82%. IREN raised $3.65 billion for Microsoft’s AI venture and the value of EdgeX’s token fell by 70%.

Bitcoin Witnessed $483 Million in Outflows

According to SoSoValue, the Bitcoin spot ETF saw a total net outflow of $483.76 million yesterday.  The Bitcoin Spot ETF with the highest net inflow yesterday was Morgan Stanley's ETF MSBT, with a daily net inflow of $6.14 million, and the total historical net inflow of MSBT currently stands at $238.98 million. 

The Bitcoin Spot ETF with the highest net outflow yesterday was BlackRock's ETF IBIT, with a daily net outflow of $440.29 million. The total net asset value of Bitcoin Spot ETFs is $91.16 billion, with an ETF net asset ratio) of 6.37%. The historical cumulative net inflow has reached $55.18 billion.

Solana DEX Volume Crashes 82% 

Solana (SOL) weekly DEX trading volume collapsed around 82%, and a key holder cohort began trimming its stake just as that drop unfolded. 

According to Dune data, total weekly DEX volume across Solana protocols stood near $104.3 billion in the week of May 11, with the DEX Meteora alone accounting for about $93.1 billion. Two weeks later, in the week of May 25, total weekly volume had fallen to roughly $18.8 billion.

Bitcoin Miner IREN Secures $3.65 Billion

The technological infrastructure company IREN announced this Monday the completion of a $3.65 billion financing facility. The capital raised will be directly used to accelerate the Microsoft AI Buildout through the purchase of specialized graphics processing units.

IREN’s corporate report reveals that the capital obtained, combined with cash prepayments made by Microsoft, covers approximately 96% of the $5.81 billion budgeted for the purchase of graphics processors linked to this digital services agreement.

The operation executed in the US market was structured around two key instruments. The first portion consists of a private placement for $2.1 billion, while the remaining tranche is equivalent to a delayed-draw loan for $1.55 billion.

Also Read: Bitcoin Price Dips Below $73K as ETF Outflows Shake Crypto Market

EdgeX’s Token Crashes 70%

EDGE fell from $1.14 to an all-time low of $0.366 on June 1, a decline of around 70% from peak to trough. The token caused over $2.81 million in liquidations within a single hour, with long positions accounting for $1.96 million of that total and shorts making up roughly $849,000. 

As of June 2, EDGE was trading around $0.64, a decline of over 45% in the past 24 hours with a market capitalization of over $226 million, according to CoinMarketCap. The token had hit an all-time high of $1.54 just 11 days earlier, on May 22.

Blockchain investigator ZachXBT has called out EdgeX over its claim of external manipulation as the cause of its token. ZachXBT is not alone in his criticism, as the project’s own community is also not buying EdgeX’s explanation.

XRP Ledger Payments Volume Surges

The volume of payments on XRP Ledger has increased by around 10 times in a single day, marking one of the biggest on-chain spikes of the year. Payment volume surged to roughly 1.51 billion XRP on June 1, according to XRPL data.

Daily payment counts continued to exceed 1.16 million transactions, indicating that a small number of significant transfers were not the only factor contributing to the increase. At the press time, XRP trades at $1.25 with a decline of 3.24% in the last 24 hours.

Cardano Active Addresses Jump 14%

Cardano (ADA) price declined around 10% in May yet its largest wallets kept buying and daily network usage climbed. The reason the selling never deepened lies in the timing. A bearish governance vote and a structural CME upgrade landed on the same day, and the on-chain data shows which one set the tone.

The buying began long before the bad news. The 10-million-to-100-million ADA holder band, a proxy for ADA whales, has lifted its share of supply from 36.48% on May 11 to 37.23%. The Cardano Foundation’s 7.8 million ADA summit-funding request drew 65.21% support, just short of the 66.67% supermajority that treasury withdrawals require, and the event was scrapped.

Also Read: Ethereum Faces Possible Drop to $1,800 as Investors Await the Next Bull Run

FAQs:

1. How much money flowed out of Bitcoin spot ETFs?

According to SoSoValue, Bitcoin spot ETFs recorded total net outflows of $483.76 million. BlackRock’s IBIT saw the largest daily outflow at $440.29 million.

2. Why is Solana DEX volume in focus?

Solana’s weekly DEX trading volume collapsed by around 82% in two weeks. Dune data showed volume falling from nearly $104.3 billion to about $18.8 billion.

3. What will IREN use the $3.65 billion funding for?

IREN will use the financing to accelerate its Microsoft AI buildout. The funds will support purchases of specialized GPUs linked to its digital services agreement.

4. Why did EdgeX’s token crash?

EDGE fell nearly 70% from $1.14 to an all-time low of $0.366 on June 1. The decline triggered more than $2.81 million in liquidations within one hour.

5. What happened on the XRP Ledger?

XRP Ledger payment volume surged nearly 10 times in a single day to around 1.51 billion XRP. Daily payment counts stayed above 1.16 million transactions, showing broader network activity.